How to add sales tax

Depending on the country you select when creating your PiggyZen account, PiggyZen might automatically create sales tax for you. If not, you can follow the steps below to add the sales tax of your country and/or state.

To add or edit a sales tax, log into your PiggyZen account. Click on 'Settings' and then under 'Settings of your business', click on 'Tax Settings'. You can edit a tax or add a sales tax.

Enter the sales tax name.
Enter the tax abbreviation. This will be used for example when you import a file as the import file will use the tax abbreviation to specify the sales tax for the transaction.
Enter the tax percentage. For example if it is 15%, then enter the number 15.
The tax number is optional.
You can specify if the sales tax is recoverable. That means, any purchases you make where this sales tax is added, the sales tax amount will be deducted from the amount you collected for this sales tax.
The sales tax payable account where all the collected and deducted sales tax entries should be saved.

Updating Sales Tax

You can update certain settings of sales tax, like the name, abbreviation and payable account. You cannot however change the tax percentage or change the recoverable setting.

If your tax percentage changes, you can rename the old tax item and add a new sales tax item with the new percentage. For example, if your VAT percentage changes, you rename the old sales tax item to 'VAT (2021)' and the new one to just 'VAT'.

Comments

How to add a bank account

One of the first things you need to do when you start using your accounting system is to add your bank accounts. It is important to select the correct account during a transaction so that the funds can be allocated to the correct accounts. To add a bank account to your accounting system, do the following: Log into PiggyZen Select 'Accounting and Finances' from the menu. Select 'Manage Chart Of Accounts' under 'Chart of Accounts'. Click on 'Add Bank Account'. Enter the account name. You can also enter the account number under 'Description' (optional). Click on 'Add'.

Free Payroll - How to create payroll entries

If you need payroll features, we strongly recommend that you upgrade to PiggyZen Pro . Using the payroll features in PiggyZen PRO have many advantages and makes payroll easy and quick. If however you prefer to continue using the free edition of PiggyZen, it is possible to manually do your payroll using the free edition. If you haven't already, create your Free PiggyZen account . Why payroll in PiggyZen PRO is better Before I start showing you how to do your payroll in the free edition, you need to understand that there are a lot of features that you will not have and that can cause problems later. Below is a list of features that payroll in PiggyZen PRO has that you will not have access to: Once set up, doing a payroll run in PiggyZen PRO is very quick and easy. Payslips are generated for you and automatically emailed to employees. Salary payments and advances are automatically allocated to each employee's salary history and will be displayed on payslips. Salary statements

How to set up payroll

This video shows how to set up payroll. It includes how to add employees, add payroll liability accounts, do a payroll run, email payslips, pay employees, give an advance and pay payroll liabilities. For more information on PiggyZen, go to https://PiggyZen.com

PiggyZen Accounting

Search This Blog